SC directs to put name of Seth Nisar on ECL

Thursday December 03, 2009 (1205 PST)
ISLAMABAD: The Supreme Court on Wednesday directed the NAB to put the name of Seth Nisar, the co-accused in financial scam of Rs 9 billion at Bank of Punjab (BoP) on ECL until he pays back Rs 400 million being claimed against him.
The court also directed the NAB to keep his passport till the payment of full amount being claimed against him.

A three-member bench of the apex court was hearing a financial scam of Rs9 billion at Bank of Punjab (BoP).

On Wednesday Seth Nisar, elder brother of Sheikh Afzal, the owner of Haris Steel Industries and the main accused in BoP financial scam, was produced before the court.

Wasim Sajjad, counsel for Seth Nisar, appeared before the court and showed the copy of pay order of Rs 200 million in the name of BoP and submitted that the said amount would be deposited in the bank today (Thursday). He further submitted that the remaining amount of Rs 200 million would be deposited by December 11.

Seth Nisar confessed before the NAB authorities to pay off the Rs 400 million he obtained from Sheikh Afzal, his brother and Chief Executive of the Haris Steel Industries and main accused in the financial scam.

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by shoaib ahmed